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Refinancing Guide
Refinancing your mortgage can provide a range of benefits, from lower interest, to reduced repayments, cost effective debt consolidation, releasing equity and clearing your mortgage years earlier than would otherwise be possible. Before you refinance however you should give some thought to what you'd like to achieve. Like all major financial decisions, refinancing should not be done on a whim. One of the major factors to be considered is your new interest rate. Changing to a lower interest rate can create significant interest savings, even if the difference in rates is not large.
Current Refinance Rates
Refinance Rates
Purchase Rates
Nevada Rates,
Refinance Rates
Purchase Rates
Nevada Rates,
Refinancing to save interest
One of the biggest considerations in refinancing a mortgage is what your new interest rate will be (you can find current rates for today shown above). If the currently available interest rates are lower than what you are currently paying you will instantly be saving money on your repayments. Given that interest rates are historically low at the moment, it's likely that you can achieve some interest savings by refinancing your mortgage.
One of the biggest considerations in refinancing a mortgage is what your new interest rate will be (you can find current rates for today shown above). If the currently available interest rates are lower than what you are currently paying you will instantly be saving money on your repayments. Given that interest rates are historically low at the moment, it's likely that you can achieve some interest savings by refinancing your mortgage.
Refinancing to Pay off your mortgage more quickly
There are a few ways you can Refinance to pay your mortgage off faster:
1. Securing a lower interest rate. This will mean that for every dollar of repayments you make you will clear more of debt and less interest, making each and every payment more efficient. Even a small change in interest rate can result in your mortgage being paid off years faster, even if you keep your payments the same.
2. Increase your repayments. When you refinance, you can choose to increase your repayments and thereby shorten the mortgage term. You may have changed jobs or got a promotion, be renting out a bedroom or your partner may have returned to work. Whatever the reason why, you've now got more disposable income and refinancing your mortgage will allow you to step up your repayments and knock years off your mortgage term. Combined with a lower interest rate, this is the ideal "1, 2 Punch" to get your loan paid off record time.
3. Get rid of your PMI/Bad credit Terms. If you have better credit now that you did when you took out the mortgage initially, you may be able to achieve a still better interest rate, as you have demonstrated a history of good payments and are now considered less of a credit risk. Likewise if you have built equity in the property you may no longer be required to have PMI through your lender. Dropping this alone will create huge savings annually and allow you to pay off the loan years faster.
Refinancing for lower mortgage payments
Just as you can refinance to up your repayments, Refinancing can be used to bring them down as well. The easiest way to achieve this is to secure a lower interest rate, and adjust your payments to compensate. This will mean that you are paying the same amount off your actual debt but you'll pay less interest, thereby dropping your repayments. Also, if your credit score has improved or you have built equity you may be able to avoid paying PMI or get rid of any low equity/bad credit interest premiums you may have been initally charged.
